{
  "url": "https://openlegislation.uk/registered-pension-schemes-transfer-of-sums-and-assets-amendment-regulations-2015/note",
  "json_url": "https://openlegislation.uk/registered-pension-schemes-transfer-of-sums-and-assets-amendment-regulations-2015/note.json",
  "legislation": "uksi/2015/633",
  "legislation_title": "The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2015",
  "legislation_url": "https://openlegislation.uk/registered-pension-schemes-transfer-of-sums-and-assets-amendment-regulations-2015",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 (S.I. 2006/499) (“the 2006 Regulations”) to reflect the pension flexibilities introduced by the Taxation of Pensions Act 2014 (c. 30).\nParagraph 3 inserts new regulations 13 to 18 into the 2006 Regulations.\nNew regulation 13 specifies the circumstances in which, following a transfer of sums or assets on the cessation of a lifetime annuity, the new lifetime annuity will not be a lifetime annuity for the purposes of Part 4 of the Finance Act 2004 (c. 12). New regulations 14, 15 and 16 make similar provision in respect of short-term annuities, dependants’ annuities and dependants’ short-term annuities.\nNew regulation 17 provides that where a nominees’ short-term annuity ceases to be paid on a transfer of sums or assets, the transfer is treated as an unauthorised payment except where a new nominees’ short-term annuity becomes payable. New regulation 18 makes similar provision in respect of successors’ short-term annuities.\nAn updated Tax Information and Impact Note was published on 10th December 2014 alongside the Taxation of Pensions Act 2014 and is available on the government website at https://www.gov.uk/government/publications/pension-flexibility-2015 . It remains an accurate summary of the impacts that apply to this instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/633/note",
    "retrieved_at": "2026-10-28T23:43:19.949988+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}